Tim Houston: Why Nova Scotia Is Ready to Support Canada’s Defence, Security and Resilience Bank 

Downtown Halifax on June 1, 2024. Ryan Taplin - The Chronicle Herald

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Third in a series from advocates for the five Canadian cities vying to be the home of the new Defence, Security and Resilience Bank.

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Canada’s selection as home to the new Defence, Security and Resilience Bank affirms our country’s credibility with its allies and its leadership at a time when defence, security and economic resilience is critical.    

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Nova Scotia was one of the first to raise our hand in support of Canada’s bid. 

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This should not surprise anyone. We are Canada’s proud defence leader, and we are ready and prepared to lead. 

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Our province is a province of firsts. And we are a province that makes things happen. 

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Nova Scotia is first when it comes to defence. We have the highest defence spending per capita and are home to the country’s largest naval base.  

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Halifax has the fastest transatlantic transmissions from Europe, reaching North America through the EXA Express subsea digital cable. This cable provides the fastest transmissions between New York and London with a delay of less than 60 milliseconds, which is essential for financial and NATO-aligned secure communications — and they all come through Halifax. 

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Nova Scotia is first when it comes to universities — with more universities per capita than any other province in Canada. Combined with our strong community college network, Nova Scotia has built a strong and highly skilled workforce. 

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We have one of the strongest financial tech sectors in the country. 

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Nova Scotia is home to the foundation of our country’s largest bank — Royal Bank of Canada. Halifax is where hundreds of Nova Scotians are helping to make it the safest bank in North America through their RBC Halifax Innovation Hub.  Canada’s third largest bank, Scotiabank, was also founded in our capital and continues to have a strong presence.  In fact, five of the country’s top six banks have a presence in Halifax.  

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We are a proven leader in defence, financial services and workforce readiness, and I believe there is no better choice than Halifax for the operations of a financial institution with this focus.  

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Here’s why.  

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The Defence, Security and Resilience Bank will require more than office space. It must operate in a jurisdiction that is secure, globally connected and deeply integrated with allied defence, financial and technological systems. It must be able to collaborate in real time across borders, manage sensitive information and scale complex operations quickly and reliably. The groundwork is already laid here in Nova Scotia.   

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Today, there are 13,000 members of the Canadian Armed Forces and 17,000 people in the aerospace and defence industry working in Nova Scotia — and those numbers are growing with more than 300 entrepreneurial science and technology startups and increased federal defence spending. 

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Canada selected Dartmouth for the first Maritime Defence Innovation Secure Hub and announced a $200-million investment in Canada’s first spaceport, near Canso.